Berkshire’s board elevated Jain and Abel last year with Buffett acknowledging it was part of a “movement toward succession.” Buffett has praised the duo, saying that Berkshire is “far better managed” with the two in their new positions.

Buffett has long kept his salary at $100,000 and reimburses Berkshire for some costs, but he still ranks among the wealthiest people on the planet due to his holdings of Berkshire stock. He’s worth $84.3 billion, according to the Bloomberg Billionaires Index.

To contact the reporters on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net;Anders Melin in New York at amelin3@bloomberg.net